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Lyft Has Doubled Its Value in a Year
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Ride-haling company Lyft has doubled its valuation on the stock market in just about one year — a huge step as it tries to keep up with its massive rival Uber.
In April 2017, Lyft was valued at $7.5 billion. Now, as of Monday, after its latest round of funding, the company is worth $15.1 billion. Among its investors, Fidelity is leading the pack this funding round with a roughly $800 million cash infusion into the startup.
After several high-profile scandals rocked Uber over the last year, including sexual harassment allegations, legal entanglements and a fatal self-driving car crash, Lyft was able to make major strides in the US ride-hailing market. In May, Lyft said it had 35% of the US market.
The company also moved into the international ride-hailing market at the end of 2017, expanding operations in Canada, and it is reportedly considering a launch in both the European and Latin American markets.
Lyft operates 1 million rides in the US and Canada each day.
By comparison, Uber is valued at about $62 billion and is the most valuable privately held startup in the world. Although, it might not be private for long — there is intense speculation that Uber is on the cusp of launching an IPO that would be one of the most significant Wall Street launches in recent history. It operates 15 million rides per day in 630 cities worldwide.
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In 2018, Lyft is predicted to have $7.7 billion in gross bookings, or the profits it makes before paying out drivers, a person familiar with Lyft's numbers told the Wall Street Journal.
H/T: Wall Street Journal
Featured image by Kelly Sullivan
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Best for businesses with high spending
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Rewards Rate
| 2X miles | 2 miles per dollar on every purchase |
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Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
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Why We Chose It
The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
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- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
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- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month